| dc.contributor.advisor | 屠美亞 | zh_TW |
| dc.contributor.advisor | Twu,Mia | en_US |
| dc.contributor.author (Authors) | 沈群翔 | zh_TW |
| dc.contributor.author (Authors) | Shen,Chun-Hsiang | en_US |
| dc.creator (作者) | 沈群翔 | zh_TW |
| dc.creator (作者) | Shen,Chun-Hsiang | en_US |
| dc.date (日期) | 2004 | en_US |
| dc.date.accessioned | 14-Sep-2009 09:04:03 (UTC+8) | - |
| dc.date.available | 14-Sep-2009 09:04:03 (UTC+8) | - |
| dc.date.issued (上傳時間) | 14-Sep-2009 09:04:03 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0903570191 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/31017 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 90357019 | zh_TW |
| dc.description (描述) | 93 | zh_TW |
| dc.description.abstract (摘要) | Baker and Wurgler(2004) propose a new view on dividend policy called a catering theory of dividends. Managers cater to investors by paying dividends when investors put a stock price premium on payers, and by not paying when investors prefer nonpayer. We connect the catering theory and the difference in the market structure among countries, and want to know in which market structure managers are more willing to care about investors’ demand and then decide to pay dividends or not. First, our study indicates that the catering theory of dividends proposed by Baker and Wurgler (2004) exists around the world. Second, our study shows that managers in a country with a developed stock market, with higher protection and with lower tax advantage pay more attention to what investors desire on dividends, while managers in the higher ownership concentration group care less about investors demand. | zh_TW |
| dc.description.tableofcontents | Chapter1. Introduction 3 Chapter2. Literature review 6 2.1. A catering theory of dividends 6 2.2. Development of capital markets and dividends 7 2.3. Investor protection and dividends 8 2.4. Ownership and dividends 9 2.5. Tax and dividends 9 Chapter3. Data and methodology 11 3.1. Hypothesis 11 3.2. Data sources and sample 12 3.2.1. Countries selection 12 3.2.2. Companies selection 13 3.3. Definitions of variables 14 3.3.1 Variables on firm characteristics 14 3.3.2 Aggregate variables ( country—level variables ) 15 3.4. Methodology 17 3.4.1 Wilcoxon rank-sum test 17 3.4.2 Panel regression with random effect and Logit regression 19 Chapter4. Empirical results 23 4.1 Descriptive statistics 23 4.2 Regression results 27 4.2.1 Dividends catering and development of the capital market 30 4.2.2 Dividends catering and ownership concentration 31 4.2.3 Dividends catering and investor protection 33 4.2.4 Dividends catering and dividends tax advantage 34 4.3 Robustness 37 4.3.1 Reconstruct the models 37 4.3.2 Random effects regression for separate groups 40 Chapter5. Conclusions and suggestions 43 5.1. Conclusions 43 5.2. Suggestions and further research 44 References 48 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0903570191 | en_US |
| dc.subject (關鍵詞) | 現金股利 | zh_TW |
| dc.subject (關鍵詞) | Dividends | en_US |
| dc.subject (關鍵詞) | Catering theory | en_US |
| dc.subject (關鍵詞) | Dividends premium | en_US |
| dc.title (題名) | Dividends Catering Around the World | zh_TW |
| dc.type (資料類型) | thesis | en |
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